Despite the bear market, the crypto industry has proven over the last several months to be resilient. While price fluctuations and volatility remain major characteristics of the industry, there have been several positive developments that have crypto enthusiasts feeling bullish. Whether it’s the likelihood of SEC approvals of spot Bitcoin ETFs, a major decline in scams and hacks, or the gradual rise in token values, there are plenty of factors that show the industry trending upward.
Here are some of the tokens we’re bullish on as the year comes to a close.
Bitcoin (BTC)
It should be no surprise that Bitcoin is first on this list. The world’s first cryptocurrency continues to maintain a market cap that is more than triple that of Ethereum (ETH) and remains the most sought-after digital asset. As it currently stands, BTC sits at a little over $34.6 thousand (October 30, 2023) after enjoying a 30 percent rise in price over the last two weeks, including topping $35,000 for the first time since May 2022.
While all of this is, of course, good news for Hodlers, this alone doesn’t exactly hint at a Bitcoin-led bull run just yet. What is promising, however, are rumors and reports that the SEC will approve spot Bitcoin exchange-traded funds (ETFs) within the next few months. SEC approval of any spot Bitcoin ETF—especially from leading asset manager BlackRock—that holds the token on behalf of fund investors will undoubtedly lead to growing demand, especially from investors unfamiliar with the crypto landscape.
Furthermore, the next BTC halving event will take place in April 2024, with many believing this will further fuel demand. Occurring approximately every four years, Bitcoin halving is when the mining reward of freshly-minted BTC for network participants is cut in half. Halving events are coded into Bitcoin’s mining algorithm to balance out inflation by maintaining scarcity.
Cardano (ADA)
For years, ADA has held a spot at the top of the crypto table even though the value of its coin sits at around $.30 as of October 30. Despite falling drastically from a 2023 high of $.46 in April, ADA has rebounded nicely so far in October. This has led some in the crypto world to speculate whether the cryptocurrency will enjoy another massive spike, similar to its 2020-21 rise, which saw its value peak at $3.10.
As one of the earliest proof-of-work blockchains, Cardano has been one of the most active networks in terms of developing decentralized applications. The open-source public blockchain and a main competitor of Ethereum recently introduced a new staking mechanism that may provide it with a competitive edge and better user experience. The Cardano Foundation also executed a transaction on its mainnet, lowering the minimum staking parameter from 340 ADA to 170 ADA.
tomiNet (TOMI)
tomiNet is a relatively new project focused primarily on developing Web3 infrastructure through an alternative internet ecosystem that emphasizes freedom of speech and community control. Its community-driven DAO tackles challenging issues surrounding surveillance, disinformation, and censorship while adhering to community guidelines that aim to stamp out terrorism, child exploitation, and other forms of violence and illicit activity without impeding on freedom of speech.
In addition to its alternative, decentralized internet, tomi has several other features that support its overall goal. This includes tomiPay, which serves as the payment component of its ecosystem and a non-custodial wallet. tomiPay encourages censorship-resistant commerce by empowering users to self custody their assets and even enables them to generate their own private keys and connect to numerous other decentralized networks.
The TOMI token has witnessed incredible growth over this year, with the token’s value rising more than eight-fold, according to data from CoinGecko. This is thanks to the successful launches of many of their core infrastructure pieces, and a highly-anticipated announcement to be made on stage at Binance Blockchain Week on November 9.
THORchain (RUNE)
THORChain has made a lot of noise of late as the native RUNE token has made significant progress—with the value of the coin soaring close to 67 percent since a low of $1.50. Analysts point to RUNE’s exponential moving average and average directional index point as signs that the coin will maintain its momentum.
Underlying the value of RUNE is THORChain’s solution, which aims to securely facilitate the exchange of assets across disparate blockchains in a non-custodial manner, all while being the backend for user interfaces. THORChain facilitates native asset settlements between the largest blockchain networks. Emphasizing secure decentralization and tackling trust issues and inefficiencies in cross-chain infrastructure adds a lot of value to RUNE.
World Mobile (WMT)
World Mobile Token facilitates a mobile network built on the sharing economy, enabling individuals and businesses to run nodes that connect isolated and internetless communities, generating revenue for stakeholders in the process. By investing in the infrastructure, both users and stakers participate in processing network transactions and customer services, all while earning WMT.
With a vision to bring billions of unconnected individuals around the globe into the digital age, World Mobile just completed another launch—this time in Mozambique, where only 23 percent of the population have internet access. The launch in Mozambique aims to tap into the trillion-dollar global telecom market and will enable the company to help connect more users across Africa and the developing world.
WMT can be exchanged on several major crypto exchange platforms including KuCoin, Bitrue, MEXC, WingRiders DEX, and SundaeSwap.
The crypto industry typically trends in the same direction, and there are certainly other promising cryptocurrencies to highlight as the industry stabilizes. But these five are especially promising, with a few having great under-the-radar potential. As with all tokens, we strongly advise conducting your own research and staying up to date with the latest news on each.
Image by Miguel Á. Padriñán from Pixabay
